Irvine, Calif., May 10, 2018 — Steadfast Apartment REIT, Inc. (the “Company”) announced today its operating results for the three months ended March 31, 2018.
For the three months ended March 31, 2018, the Company had total revenues of $41.4 million compared to $39.7 million for the three months ended March 31, 2017. Net loss was $8.0 million for the three months ended March 31, 2018, compared to $8.4 million for the three months ended March 31, 2017. Total assets of the Company were $1.44 billion at March 31, 2018, compared to $1.45 billion at December 31, 2017.

Highlights:

The Company:
• Owned a multifamily property portfolio of 34 properties with 11,601 apartment homes for an aggregate contract purchase price of $1.5 billion as of March 31, 2018.
• Had $926.2 million of variable rate debt with a weighted average interest rate of 3.88% and $67.4 million of fixed rate debt with a weighted average interest rate of 4.51% as of March 31, 2018. The weighted-average interest rate on the Company’s total outstanding debt was 3.92% as of March 31, 2018.
• Experienced a decrease in modified funds from operations (“MFFO”), as defined by the Institute for Portfolio
Alternatives (formerly known as the Investment Program Association) (“IPA”), from $9.2 million for the three months ended March 31, 2017, to $9.0 million for the three months ended March 31, 2018. (See the reconciliation of MFFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates MFFO.)
• Increased funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), to $9.4 million for the three months ended March 31, 2018, from $9.0 million for the three months ended March 31, 2017. (See the reconciliation of FFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates FFO.)
• Increased net operating income (“NOI”) to $24.0 million for the three months ended March 31, 2018, from $22.4 million for the three months ended March 31, 2017. (See the reconciliation of NOI to net loss and accompanying notes contained within this release for additional information on how the Company calculates NOI.)
• Reported net cash provided by operating activities of $7.1 million for the three months ended March 31, 2018, compared to $4.1 million for the three months ended March 31, 2017. Net cash used in investing activities was $3.3 million for the three months ended March 31, 2018, compared to $9.9 million for the three months ended March 31, 2017.
• Reported net cash used in financing activities of $8.6 million for the three months ended March 31, 2018, compared to net cash provided by financing activities of $3.6 million for the three months ended March 31, 2017, which included $5.6 million and $5.3 million of distributions paid, net of $5.7 million and $5.8 million in non-cash distributions paid pursuant to the Company’s distribution reinvestment plan for the three months ended March 31, 2018 and 2017, respectively.
• Invested $3.5 million in improvements to the Company’s real estate portfolio during the three months ended March 31, 2018.
“Steadfast Apartment REIT’s business model of investing in suburban locations is exactly in line with what we believe most working Americans need and want”, said Ella Neyland, President of the Company. “According to RENT Café, on average, living in the suburbs saves renters one month of rent per year.”